Stem Cell Bonds, Royalties and Campaign Promises
The upcoming sale of California state bonds for its unprecedented stem cell research effort raises anew a $700 million question along with allegations of deceit in the campaign for Prop. 71, the measure that created the Golden State program.
On the surface, the matters involve an arcane financial issue. Can California sell non-taxable bonds to finance the activities of CIRM or must they be taxable. If they are taxable (meaning the dividends are taxable to buyers), the state will have to offer a higher interest rate to purchasers. That, according to one estimate, could mean as much as $700 million in additional costs to the state.
<a href="http://californiastemcellreport.blogspot.com/2007/09/stem-cell-bonds-royalties-and-campaign.html">
Stem Cell Bonds, Royalties and Campaign Promises
</a> (californiastemcellreport.blogspot.com)
On the surface, the matters involve an arcane financial issue. Can California sell non-taxable bonds to finance the activities of CIRM or must they be taxable. If they are taxable (meaning the dividends are taxable to buyers), the state will have to offer a higher interest rate to purchasers. That, according to one estimate, could mean as much as $700 million in additional costs to the state.
<a href="http://californiastemcellreport.blogspot.com/2007/09/stem-cell-bonds-royalties-and-campaign.html">
Stem Cell Bonds, Royalties and Campaign Promises
</a> (californiastemcellreport.blogspot.com)
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